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Home Prices Fell in ’07 for First Time in Decades

Friday, 25 January 2008 10:13 Author
By MICHAEL M. GRYNBAUM
Published: January 24, 2008
 

It was a notable year for the housing industry, and not in a good way.

In 2007, the median price of an American single-family home fell for the first time in at least four decades, according to the National Association of Realtors, a trade group.

The median price declined 1.8 percent to $217,800, the first annual decline since reliable records began in 1968. “It’s the first price decline in many, many years and possibly going back to the Great Depression,” said the group’s chief economist, Lawrence Yun.

Last Updated on Friday, 25 January 2008 10:14 Read more...
 

Morgan Stanley issues full US recession alert

Tuesday, 11 December 2007 23:05 Author
By Ambrose Evans-Pritchard, International Business Editor

Last Updated: 12:37am GMT 12/12/2007

Morgan Stanley has issued a full recession alert for the US economy, warning of a sharp slowdown in business investment and a "perfect storm" for consumers as the housing slump spreads.

 Federal Reserve chairman Ben Bernanke
Fed chairman Ben Bernanke will be hoping he can keep the US economy from recession

In a report "Recession Coming" released today, the bank's US team said the credit crunch had started to inflict serious damage on US companies.

  • The latest news and analysis on the credit crisis

    • "Slipping sales and tightening credit are pushing companies into liquidation mode, especially in motor vehicles," it said.

     

    "Three-month dollar Libor spreads have jumped by 60 to 80 basis points over the last month. High yield spreads have widened even more significantly. The absolute cost of borrowing is higher than in June."

     

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    New-home sales plunge by 9 percent

    Thursday, 27 December 2007 21:58 Zenwealth Admin

    By JEANNINE AVERSA, AP Economics Writer

    Sales of new homes plunged last month to their lowest level in more than 12 years, a grim testament to the problems plaguing the housing sector.

    The Commerce Department reported Friday that new-home sales tumbled by 9 percent in November from October to a seasonally adjusted annual rate of 647,000. That was the worst showing since April 1995, when the pace of sales was 621,000.

    The sales pace for November was much weaker than economists were expecting. They were predicting sales in the weakest sector of the economy to drop by around 1.8 percent, to a pace of 715,000.

    The median sales price of a new home dipped to $239,100 in November. That is 0.4 percent lower than a year ago. The median price is where half sell for more and half for less.

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